We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Work Group | LSE:WORK | London | Ordinary Share | GB00B0VP0707 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMWORK
RNS Number : 8557K
Work Group plc
27 September 2016
WORK GROUP PLC
(the "Company" or the "Group")
Unaudited Interim Results for the six months ended 30 June 2016
Headlines
-- Following the sale of overseas and UK business to Capita plc on 31 December 2015, Work Group plc was re-admitted to trading on the AIM market as an "Investing Company" under AIM Rule 15.
-- Loss before taxation: GBP227,000 (2015: GBP659,000). -- Net cash / (borrowing) at 30 June 2016: GBP812,000 (2015: GBP(36,000)). -- Focus on finding suitable candidate for acquisition to fulfil stated investing strategy.
Enquiries:
Work Group Tel: +44 (0)20 3700 9210 Simon Howard, Executive Chairman Allenby Capital Limited Tel: +44 (0)20 3328 5656 (Nominated Adviser & Broker) Jeremy Porter James Thomas
Chairman's Statement
Following the completion of the sale of our subsidiaries and UK business operations at last year end, the first six months of the current financial year have been spent managing the remaining assets and liabilities to maximize our cash resources.
We vacated our Marble Arch Tower premises at the end of January and moved into short term serviced accommodation in Hanover Square. Our overseas offices, together with premises in Birmingham and Colchester, transferred as part of the sale arrangements leaving only our lease in Hale, Manchester. We have tried to find a solution to disposing of this lease which runs until April 2017, but to date we have no satisfactory answer.
We have strived to reduce our operating costs to the minimum commensurate with our obligations as a public company and have been focused on finding a suitable acquisition to allow us to fulfil our stated investing strategy.
We continue to make progress with this and a full announcement will be made at the appropriate time. Any acquisition will be subject to the approval of our shareholders at a General Meeting.
Simon Howard
Executive Chairman
27 September 2016
Consolidated income statement
for the six-month period ended 30 June 2016
Hot Features
Premium
Note Six months Six months Year
ended ended ended
30-Jun-16 30-Jun-15 31-Dec-15
(restated)
Unaudited Unaudited Audited
----------- ------------ ----------
GBP'000 GBP'000 GBP'000
----------- ------------ ----------
Continuing operations
Gross profit (net fee - - -
income)
Net operating expenses (232) (361) (896)
Operating Loss (232) (361) (896)
-------------------------------- ----- ----------- ------------ ----------
Analysed as:
Operating Loss before
exceptional items (232) (361) (692)
Exceptional items 2 - - (204)
-------------------------------- ----- ----------- ------------ ----------
Finance costs - (8) (16)
-------------------------------- ----- ----------- ------------ ----------
Loss before taxation (232) (369) (912)
Income tax expense 3 - - (22)
-------------------------------- ----- ----------- ------------ ----------
Loss from continuing
operations (232) (369) (934)
-------------------------------- ----- ----------- ------------ ----------
Discontinued operation
Profit/(loss)from discontinued
operation, net of tax 5 (290) 1,506
-------------------------------- ----- ----------- ------------ ----------
Profit/(loss)from the
period/year attributable
to owners of the company (227) (659) 572
-------------------------------- ----- ----------- ------------ ----------
Basic profit(loss)
per share (pence)
From continuing operations (0.81) (1.29) (3.26)
From discontinued operation 0.02 (1.01) 5.26
4 (0.79) (2.30) 2.00
-------------------------------- ----- ----------- ------------ ----------
Consolidated statement of comprehensive income
for the six-month period ended 30 June 2016
30-Jun-16 30-Jun-15 31-Dec-15
GBP'000 GBP'000 GBP'000
---------------------------------- ---------- ---------- ----------
Loss for the period (227) (659) 572
Other comprehensive income
Currency translation differences (8) (4) (57)
Total comprehensive loss
for the period (235) (663) 515
---------------------------------- ---------- ---------- ----------
Consolidated balance sheet
as at 30 June 2016
30-Jun-16 30-Jun-15 31-Dec-15
Unaudited Unaudited Audited
---------------------------------- ---------- ---------- ----------
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and
equipment 5 89 2
Intangible assets - 89 -
Deferred tax asset - 21 -
5 199 2
---------------------------------- ---------- ---------- ----------
Current assets
Inventories - (313) -
Trade and other receivables 159 1,485 482
Cash and cash equivalents 812 (36) 1,699
971 1,136 2,181
---------------------------------- ---------- ---------- ----------
Liabilities
Current liabilities
Trade and other payables (409) (1,432) (1,388)
Current tax liabilities - (309) -
(409) (1,741) (1,388)
---------------------------------- ---------- ---------- ----------
Net current assets/(liabilities) 562 (605) 793
----------------------------------- ---------- ---------- ----------
Net assets/(liabilities) 567 (406) 795
----------------------------------- ---------- ---------- ----------
Shareholders' equity
Ordinary share capital 572 572 572
Share premium 8,239 8,239 8,240
Special reserve 2,826 2,826 2,826
Shares held by EBT (312) (334) (312)
Foreign exchange - 53 -
reserves
Retained earnings/(losses) (10,758) (11,762) (10,531)
Total equity 567 (406) 795
----------------------------------- ---------- ---------- ----------
Consolidated cash flow statement
for the six-month period ended 30 June 2016
Six months ended Year
ended
30-Jun-16 30-Jun-15 31-Dec-15
Unaudited Unaudited Audited
------------------------------- -------------- ------------- ----------
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash used in operations (890) (157) (123)
Interest paid 0 (11) (22)
Tax received/(paid) - -
------------------------------- -------------- ------------- ----------
Net cash used in operating
activities (890) (168) (145)
------------------------------- -------------- ------------- ----------
Cash flows from investing
activities
Purchase of property,
plant and equipment (3) (9) (14)
Proceed from disposal
of property, plant and
equipment 6 - 36
Proceeds from disposal
of business - - 1,682
Net cash generated from
/ (used in) investing
activities 3 (9) 1,704
------------------------------- -------------- ------------- ----------
Net increase / (decrease)
in cash and cash equivalents
in the period/year (887) (177) 1,559
------------------------------- -------------- ------------- ----------
Cash and cash equivalents
at start of period/year 1,699 140 140
------------------------------- -------------- ------------- ----------
Cash and cash equivalents
at end of period/year 812 (36) 1,699
------------------------------- -------------- ------------- ----------
Notes to the interim financial information
for the six-month period ended 30 June 2016
1 Financial information and presentation
The Company is a limited liability company incorporated and domiciled in the United Kingdom. The address of its registered office is suite 2.01, 17 Hanover Square, London, W1S 1BN.
The Company has its primary listing on AIM, a market operated by the London Stock Exchange.
This condensed consolidated Interim Report does not comprise statutory accounts within the meaning of section 435 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2015 were approved by the Board of Directors and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain any statement under section 498 of the Companies Act 2006.
Going Concern
The accounts have been prepared on the basis on the principle of going concern.
In preparing those accounts on a going concern basis, the directors have had to consider the possibility that the Company will not fulfil its investing strategy and instead should liquidate the remaining assets and pay off all liabilities thereby returning any proceeds to its shareholders. The potential impact of not adopting a going concern basis is that the Company should, in addition to the impairments it has already undertaken, consider additional impairments and provide for the costs associated with the liquidation of the Company.
For the year ended 31 December 2015 following the disposal of the overseas trading subsidiaries and the trade and asserts of Work Group Resources Limited as at 31 December 2015, any remaining assets have been fully impaired.
2 Principal accounting policies
Basis of preparation
These condensed consolidated financial information is for the half-year ended 30 June 2016 and has been prepared in accordance with AIM Rules and accounting policies set out in the Group's 2015 Annual Report as amended for the new standards effective during the period where relevant. These accounting policies are based on the EU-adopted IFRS and IFRIC interpretations that are applicable at the balance sheet date. IFRS and IFRIC interpretations that are applicable at 31 December 2016, including those that will be applicable on an optional basis have not been applied. It is therefore possible that further changes may be required before publication of the 2016 annual report and accounts.
Exceptional items
Exceptional items are those income or costs recognized as one-off or non-recurring in nature, and substantive in size. There are no exceptional items for the six-month period ended 30 June 2016.
3 Taxation
The deferred tax asset for the six-month period ended 30 June 2015 is based on the estimated expected effective tax rate of 21.49 per cent. (2014 actual rate: 20 per cent.). No taxation has been provided on profits of overseas subsidiaries because of prior year losses brought forward.
4 Earnings per share
6 months ended 6 months ended Year ended
30-Jun-16 30-Jun-15 31-Dec-15
Unaudited Unaudited Audited
------------------------------------- ------------------------------------ --------------------------------
Loss Weighted Per Loss Weighted Per Profit Weighted Per
average share average share average share
number amount number amount number amount
of shares of shares of shares
GBP'000 '000 pence GBP'000 '000 pence GBP'000 '000 pence
--------------- ---------- -------------- --------- ------------ ----------- --------- ---------- ----------- -------
Basic
Profit/(loss)
per share
including
shares held
by
EBT (227) 28,622 (0.79) (659) 28,622 (2.30) 572 28,622 2.00
--------------- ---------- -------------- --------- ------------ ----------- --------- ---------- ----------- -------
Less weighted
average
shares
held by EBT - (3,595) (0.11) - (3,595) (0.33) - (3,595) 0.16
--------------- ---------- -------------- --------- ------------ ----------- --------- ---------- ----------- -------
Basic
Profit/(loss)
per share
excluding
shares held
by
EBT (227) 25,028 (0.91) (659) 25,028 (2.63) 572 25,028 2.16
--------------- ---------- -------------- --------- ------------ ----------- --------- ---------- ----------- -------
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year excluding treasury shares and shares held by the EBT which are treated as treasury shares.
5 Reconciliation of operating loss to cash used in operations
Six-month period Year
ended ended
30-Jun-16 30-Jun-15 31-Dec-15
---------- ---------- ----------
Unaudited Unaudited Audited
---------- ---------- ----------
GBP'000 GBP'000 GBP'000
Profit /(loss) attributable
to shareholders (227) (659) 572
Foreign exchange loss on
Intercompany recharges 1 1 -
Adjustments:
Taxation - (1) 22
Finance costs - 11 16
Depreciation of plant property
and equipment/write off of
assets - 65 111
Amortisation of intangible
assets - - 100
Proceeds from disposal of (6) - -
assets
Treasury shares movement - (21) -
Debtor (creditor) accrual (147) - -
release
Decrease in inventories - 420 108
Decrease in trade and other
receivables 382 132 1,158
Decrease in trade and other
payables (894) (106) (475)
Discontinued operations - - (1,735)
Cash used in operations (890) (157) (123)
---------- ---------- ----------
6 Post balance sheet events
There is no major post balance sheet event.
Statement of directors' responsibilities
The directors confirm that this Interim Report has been prepared in accordance with AIM rules and accounting policies set out in the Group's 2015 annual report as amended for new standards effective during the period.
The directors are also responsible for the maintenance and integrity of the Company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The directors of Work Group plc are listed in the Company's Annual Report for 31 December 2015. A list of current directors is maintained on the Work Group plc website: www.workgroupplc.com.
7 Principal risks and uncertainties
At present, following the disposal of the Company's trading operations on 31 December 2015, the focus of monitoring risk and KPI's relate solely to the preservation of cash and the search for a suitable reverse acquisition opportunity.
To preserve cash, the Group has sought to eliminate all unnecessary overheads, reduced property rental obligations and concentrated on the collection of all sums owed to the Group following the sale of the business and the search for a new occupant for the Hale property that has stayed empty.
The search for a suitable acquisition opportunity that meets the Company's investing policy has involved wide ranging contact with brokers and other professional advisers operating in the AIM market.
The principal risk faced by the Group would be the failure to execute its chosen strategy of finding a suitable candidate for a reverse takeover before 31 December 2016.
The principal uncertainty will relate to stock market and general economic conditions which would affect the ability to complete a transaction.
The directors are aware that to maximize shareholders' value requires a combination of preserving cash and optimizing a reverse takeover. This would thereby increase the value compared to the alternative of liquidating itself and returning remaining cash shareholders.
By order of the Board
Simon Howard
Executive Chairman
27 September 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UNAVRNSAKUAR
(END) Dow Jones Newswires
September 27, 2016 02:00 ET (06:00 GMT)
1 Year Work Group Chart |
1 Month Work Group Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
